Wasted
Wasted is when you are killed on a GTA game.
Many things can lead to this:
Drowning [on all gta games except for san andreas where your breath meter has to run out to be wasted]
Explosions
Shot
Trapped in an expoding vehicle
Catching fire
Beaten to death.
As a result of being Wasted you will loose all weapons and $100, the same as being Busted